業績不及預期，股價回調20%，5倍銅纜大牛股何去何從？
受英偉達大跌影響，國內CPO、高速銅纜鏈接等AI硬件相關板塊全線大跌。
今日開盤，沃爾核材跳空低開，一度跌7.3%，隨後反彈，午間收盤時跌5.57%，報23.4元/股，總市值294.8億元。
淨利潤低於預期
昨日晚間，沃爾核材公佈了去年的業績快報。
2024年，沃爾核材實現營收69.31億元，同比增長21.11%；歸母淨利潤爲8.6億元，同比增長22.7%,，低於機構預期的9.45億元；
扣非淨利潤爲8.13億元，同比增長25.56%；每股收益爲0.68元，同比增長21.43%，低於機構預期的0.75元。
單就第四季度而言，沃爾核材實現營收21.11億元，同比增長23.36%；淨利潤爲2.05億元，同比下降6.82%。
在2018年減持長園集團，聚焦主業後，沃爾核材近年來的盈利能力持續增強。
2019年-2023年，沃爾核材分別實現淨利潤2.1億元、3.96億元、5.53億元、6.15億元、7億元，同比增長921.69%、88.82%、39.66%、11.2%、13.97%。
股價飆漲5倍
自去年2月以來，沃爾核材股價連續上漲，從最低的4.8元/股漲至最高的30.87元/股，在不到一年的時間內漲了5.4倍。
隨後今年1月、2月，沃爾核材股價步入回調，累計跌幅20%。
分析來看，沃爾核材去年的這波大漲行情與英偉達密切相關。
去年2月，英偉達推出GB200 NVL72機櫃，採用銅纜互聯方案，內部集成超過5000根NVLink銅纜，替代傳統光模塊。
去年四季度，Blackwell系列芯片爲英偉達貢獻110億美元，創歷史最快增長記錄。
黃仁勳還表示，Blackwell芯片的需求是驚人的，一季度的銷售收入已有數十億美元。
而沃爾核材的產品包括高速通信線，主要由子公司樂庭智聯負責生產，已在行業深耕了數十年，產品口碑較好。
公司主要客戶涵蓋安費諾、豪利士、莫仕、泰科、立訊等國內外線纜連接器龍頭企業，爲英偉達GB200系列GPU集羣直接供應400G/800G高速銅纜。
樂庭智聯已擁有繞包機近四百臺，芯線機超三十臺，仍有超兩百臺繞包機和幾十臺芯線機已下單。隨着新採購的高速通信線設備陸續交付，其產能正在逐步提升。
據機構調研，公司目前高速通信線訂單飽和，機器滿負荷運轉中。此外，224G高速通信線產品已於2024年6月送樣測試，目前正在批量交付中。
總體而言，沃爾核材的基本面還是非常不錯，不過，英偉達的下跌行情可能並未結束，這也意味着沃爾核材的股價或將繼續下跌，建議謹慎抄底，可以再蹲一蹲。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
